Usinas Siderurgicas de Minas Gerais SA climbed after HSBC
Holdings Plc raised its recommendation on the steelmaker to the
equivalent of buy. Retailer Magazine Luiza SA jumped after
reporting third-quarter net income that was 52 percent more than
Banco Itau BBA SA had forecast. Plane builder Embraer SA dropped
after its earnings trailed analysts’ estimates.

The Ibovespa climbed 0.2 percent to 54,256.20 at the close
of trading in Sao Paulo, pushing the gain this month to 3.7
percent. The real slumped 2.1 percent to 2.2376 per U.S. dollar
at 5:33 p.m. local time. Steelmakers gained as a weaker currency
made imports more expensive and the industry more competitive.

“A weaker real is giving a boost to some stocks, such as
steelmakers,” Luis Gustavo Pereira, a strategist at Futura
Corretora brokerage in Sao Paulo, said in a phone interview.
“Steelmakers fell quite a lot in the first half of the year,
but the latest news about them has been more positive, and
there’s probably room for further gains.”

Gerdau added 4.7 percent to 17.67 reais. The company posted
adjusted net income of 595.1 million reais, which compares with
the average estimate of 441.4 million reais, according to data
compiled by Bloomberg.

Usiminas, as Usinas de Minas Gerais is also known, advanced
1.7 percent to 11.88 reais, extending this month’s increase to
13 percent.

OGX Removal

The Ibovespa earlier dropped as much as 1.1 percent after
oil company OGX Petroleo e Gas Participacoes SA plunged on its
bankruptcy protection filing. Shares sank 24 percent, extending
this year’s slump to 97 percent, as trading volume surged to 3.5
times the three-month daily average. While the stock will still
trade in Sao Paulo, it will no longer be a member of the
Ibovespa benchmark starting tomorrow, BM&FBovespa said in a
statement. The index will be rebalanced after OGX’s removal.

Trading volume of stocks in Sao Paulo was 8.11 billion
reais today, according to data compiled by Bloomberg. That
compares with a daily average of 7.61 billion reais this year
through Oct. 22, according to the latest data available from the
exchange.